Digital business incompetence will see a quarter of businesses lose their competitive ranking by 2017, according to a new set of predictions from Gartner.
The analyst firm surveyed 151 professionals involved in making digital business strategy decisions and found a staggering 90% believe that competition for talent will make or break digital business success.
Diane Morello, managing VP at Gartner, said: “The next decade will move beyond the notion of using technology to automate businesses and toward positioning technology as revenue builder, market maker and customer finder.
“When companies have those targets in mind, digital business becomes real. The impact of digital business will be undeniable: It will introduce new business models, cause industries to be 'digitally remastered' and change the way that businesses put great minds to work.”
Gartner defined a digital business strategy as creating value and revenue from digital assets far beyond process automation to transform processes, business models and customer experience by exploiting the pervasive digital connections between systems, people, places and things.
To succeed, Gartner recommended firms identify key strategy players and possessors of technology and business expertise both inside and outside the enterprise.
Morello added: “Demand is growing for insight into digital business, particularly among CEOs and CIOs who fear that their companies may be falling behind new business models and competitive opportunities. Their concern is justified. Digital business will concentrate almost exclusively on new sources of revenue derived from new products, services, channels and information for new customers and constituencies.
“On top of the expectation that digital business expertise will spread around businesses within two or three years, other indicators suggest that digital business represents not an extension of the past, but rather, a different trajectory. Revenue ambitions will go unmet if CIOs and senior executives ignore the cultural and organizational challenges that accompany digital business.”